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Bitcoin seeks to sustain itself at US$42,000: Is the worst over?

Bitcoin seeks to sustain itself at US$42,000: Is the worst over?

The rest of the altcoins also operate with losses of up to 3% led by Avalanche (AVAX) – although it gains 10% in a week – followed by Solana (-1.6%) and Ripple (-1.2%).

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Bitcoin falls 0.8% this Monday as it tries to consolidate the $42,000 obtained over the weekend. Meanwhile, Ethereum falls 1.3% but manages to stay above key support at $2,200.

The rest of the altcoins also operate with losses of up to 3% led by Avalanche (AVAX) – although it gains 10% in a week – followed by Solana (-1.6%) and Ripple (-1.2%).

Bitcoin: Is the worst over?

Bitcoin managed to rise moderately and although the ETF narrative is still not what was desired, the worst would seem to be over. At the end of last week, numerous analysts indicated that a change in trend in capital inflows and outflows of the 10 approved funds, especially in the case of Grayscale Bitcoin Trust (GBTC)a great cause of the latest fall of the king crypto asset.

According to JPMorgan experts, the $4.3 billion in outflows observed in this product would have completed the adjustment planned by the entity, with $1.3 billion transferred to other cheaper listed funds. Meanwhile, the iShares Bitcoin Trust (IBIT) by BlackRock has managed to reach US$2 billion in assets under management (AUM).

Although not all the news is positive, since in the last days of last week the first day with net flows negative, the truth is that There seems to be some consensus that prices should stabilize. Analysts believe that if bitcoin consolidates these levels and begins to trade within a limited range, it could reverse its current trajectory and look upward and could once again boost the riskier ‘altcoins’, which tend to suffer when the appetite for Investor risk is reduced.

Cryptocurrencies.webp

The analyst consensus is that the price could stabilize.

The analyst consensus is that the price could stabilize.

Cryptocurrencies: the prices analyzed by the market

This is the opinion of Markus Thielen, research director at Matrixport and 10x Research, who correctly predicted that bitcoin would fall to $38,000 and who now detects a series of signs that make him believe that the cryptocurrency could climb to $38,000. US$43,000.

By technician, Javier Molina senior market analyst at eToro, the important thing right now is “knowing if we can establish the previous week’s lows as possible short-term bottom“After the launch of the ETFs and the flow movements seen on that side, the price of BTC has respected the key support of US$38,000 and, for the moment, we think that we can enter a new upward section “he points out.

“If that zone holds, we will have a bullish predisposition. If prices return to that reference and lose it, quite the opposite. So, with that idea on the side of the control zone, references to watch are US$41,000 as the first support and objective of this section at US$44,000-US$44,500. That is now the resistance to beat. US$48,000-US$48,500 are presented as the ceiling of the current movement to be considered”, judgment.

Source: Ambito

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